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UniCredit's German And Austrian Subsidiaries Affirmed At 'BBB+' After Outlook Revision On Parent; Both Outlooks Negative

Published Nov 06, 2018

5 pages (2252 words) — Published Nov 06, 2018

Price US$ 150.00 | Buy this Report Now

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Abstract:

We revised our outlook on Italian bank UniCredit SpA to negative on Oct. 30, 2018, following the similar revision of our sovereign credit rating on Italy. In our view, the likelihood that German subsidiary UniCredit Bank AG's additional loss-absorbing capacity will sustainably exceed our minimum 5% threshold for a one-notch uplift has reduced. We are revising our outlook on UniCredit Bank AG to negative from developing and affirming our 'BBB+/A-2' ratings on UniCredit Bank and UniCredit Bank Austria AG, as well as our ratings on all outstanding instruments. The negative outlooks on both entities indicate that we could lower the ratings if we downgrade the parent, and also reflects uncertainties regarding the details and timeline of the resolution strategy implementation

Brief Excerpt:

...+ We revised our outlook on Italian bank UniCredit SpA to negative on Oct. 30, 2018, following the similar revision of our sovereign credit rating on Italy. + In our view, the likelihood that German subsidiary UniCredit Bank AG's additional loss-absorbing capacity will sustainably exceed our minimum 5% threshold for a one-notch uplift has reduced. + We are revising our outlook on UniCredit Bank AG to negative from developing and affirming our '###+/A-2' ratings on UniCredit Bank and UniCredit Bank Austria AG, as well as our ratings on all outstanding instruments. + The negative outlooks on both entities indicate that we could lower the ratings if we downgrade the parent, and also reflects uncertainties regarding the details and timeline of the resolution strategy implementation for UniCredit group. FRANKFURT (S&P Global Ratings) Nov. 6, 2018--S&P Global Ratings today revised its outlook on Germany-based UniCredit Bank AG to negative from developing. The '###+/A-2' long- and short-term issuer...

Report Type:

Ratings Action

Ticker

HVM@GR

Issuer

UniCredit Bank GmbH

GICS

Diversified Banks (40101010)

Sector

Global Issuers, Public Finance, Structured Finance

Country

Germany

Region

United States

Format:

PDF

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Research Update: UniCredit Bank And UniCredit Austria Affirmed At 'BBB+/A-2' On Changes To The Group's Structure; Outlooks Still Negative – 2019/12/12 – US$ 225.00

Research Update: UniCredit's German And Austrian Subsidiaries Affirmed At 'BBB+' After Outlook Revision On Parent; Both Outlooks Negative – 2018/11/06 – US$ 225.00

UniCredit Bank AG – 2018/08/02 – US$ 500.00

Summary: UniCredit Bank AG – 2018/08/02 – US$ 225.00

Transaction Update: UniCredit Bank AG (Public Sector Covered Bond Program) – 2018/02/27 – US$ 375.00

Outlook On UniCredit Bank's Public Sector Covered Bonds Revised To Stable After Issuer Rating Action; Ratings Affirmed – 2017/11/09 – US$ 150.00

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Cite this Report


MLA:	S&P Global Ratings’ Credit Research. "UniCredit's German And Austrian Subsidiaries Affirmed At 'BBB+' After Outlook Revision On Parent; Both Outlooks Negative" Nov 06, 2018. Alacra Store. May 06, 2025. <http://www.alacrastore.com/s-and-p-credit-research/UniCredit-s-German-And-Austrian-Subsidiaries-Affirmed-At-BBB-After-Outlook-Revision-On-Parent-Both-Outlooks-Negative-2125039>

APA:	S&P Global Ratings’ Credit Research. (). UniCredit's German And Austrian Subsidiaries Affirmed At 'BBB+' After Outlook Revision On Parent; Both Outlooks Negative Nov 06, 2018. New York, NY: Alacra Store. Retrieved May 06, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/UniCredit-s-German-And-Austrian-Subsidiaries-Affirmed-At-BBB-After-Outlook-Revision-On-Parent-Both-Outlooks-Negative-2125039>

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